When Bitcoin (BTC) dropped below $100,000 recently, plenty of investors got nervous. Not Hunter Horsley. The Bitwise Asset Management CEO says the pullback hasn't changed his conviction that 2025 will be the most constructive year ever for digital assets.

Why the Recent Decline Doesn't Worry Him

In a fresh CNBC interview, Horsley explained that Bitcoin's recent slide mirrors broader risk-off behavior hitting small caps, gold, bonds, and equities. The culprit? Expectations of fewer rate cuts, disappointing earnings reports, and typical year-end de-risking as portfolio managers lock in gains.

But here's the interesting part: Bitwise just recorded its largest quarterly inflows in seven years. That kind of institutional money doesn't show up unless conviction is building. Horsley argues this backdrop makes current Bitcoin prices a "reasonable entry point" for anyone thinking long-term.

The Core Bitcoin Thesis Remains Intact

Horsley pointed out that investors consistently flock to Bitcoin when they worry about currency debasement, expanding money supply, or inflation. As Bitcoin continues stealing market share from gold in these roles, its value proposition only gets stronger.

Bitwise's bold call? Bitcoin could reach $1 million within a decade, driven by three forces:

• Growing demand for assets that hedge inflation and preserve value
• An increasing share of that demand shifting from gold to Bitcoin
• Global capital hunting for alternatives outside traditional financial markets

More dollars are flowing into non-traditional, durable-value assets, Horsley emphasized, and that environment plays directly into Bitcoin's strengths.